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"We had taken Healy Consultants assistance in incorporating our entities in some of the complicated jurisdictions. Their approach right from the beginning has been very systematic, clear and efficient. It has been a pleasure to work with all of them."

"Thank you Healy Consultants for swiftly project managing my engagement. From the moment I met you in Singapore Healy Consultants attended to my requirements and specific needs. I am more than satisfied with your service. Moreover, your weekly updates allowed me to continue to focus my attention on my global business while trusting you to deliver as promised."

"Thank you Healy Consultants, you were instrumental in setting up of my Hong Kong based company, the whole process was completed in a professional and timely manner."

Terry Skews, CEO Brittany Offshore Limited

"Healy Consultants, a professionally managed firm with clear understanding and knowledge about what client expects from them and delivers the same in a professional and timely manner. Kudos to their team."

"Incorporating any company is comparable to setting the foundation blocks of your new company building, which you aim to build in the best location available. By choosing Healy Consultants you are laying the perfect foundations."

"The one word that defines Healy Consultants is perfect professionalism. If you have Healy to set up your business abroad, you could focus on the operational overhead and let Healy take care of the rest. From Incorporation to Taxation, it’s a one stop solution. Rest assured, you will have the best people in the Industry working for you and providing you with the best possible information and suggestions."

Raja Chakraborty, Director Streamlyn Pte. Ltd.

"Thank you Healy Consultants for successfully project managing our business set up in Kuwait, Lebanon, Qatar and Bahrain."

"When it was time to establish a Space Academy in Singapore, TriVector needed a knowledgeable firm that could not only help us establish our infrastructure, but could also advise on the local and regional business climate. Healy was that firm, which is why we've been satisfied Healy Consultants for almost five years now."

"Healy Consultants were instrumental in the set up of our company. They have continued to provide exceptional support and advice over the years."

Susan Gunnery, Managing Director Qudoss Group

"Healy Consultants is the best firm that we have ever worked with. Through our entire business relationship we were satisfied with provided level of quality and services. Healy Consultants have been responsive and detail oriented which has allowed us to stay focused on our business and not getting distracted with small details."

"Not only did Healy Consultants have expert knowledge of local requirements, they also understood my needs as a foreigner, which is something lacking with the Singaporean consulting firms I spoke to. They drove the process from start to completion. I’m more than satisfied with the service."

Business entities in Hungary

Business entities in Hungary

Healy Consultants will be happy to assist Clients with setting up businesses in Hungary. Foreign entrepreneurs have several options, the most commonly used being the setting up of an Hungarian LLC. However, our Clients willing to raise capital must setup a joint stock company (JSC), which can be completed for similar incorporation costs and requires only €16,400 as paid-up share capital, an amount lower than the requisite in most other EU jurisdictions.

The Hungary limited liability company (Kft.)

Hungarian limited liability companies can be registered with i) a single shareholder and ii) a single director, both of whom can be of any nationality and are not required to be ordinarily resident in Hungary. The minimum capital required for LLC incorporation is relatively low at €10,000;

All Hungarian LLCs are required to i) prepare annual financial statements and ii) file them in the Company Register every year.

The Hungary joint stock company (Rt.)

A joint stock company (JSC) in Hungary can also be set up with a minimum of one shareholder of any nationality;

Other requirements include i) an initial share capital of at least €63,850 fully paid up at incorporation for public JSC (at least €16,400 for private JSC) and ii) the appointment of at least three directors of any nationality and a certified accountant;

In accordance with the Corporate Taxation Act, all Hungarian JSCs are required to i) have their balance sheet and annual financial statements audited by a certified accountant and ii) file them with the company register every year.

The Hungary branch office (also known as Fa.)

Foreign corporations can enter Hungarian markets under their business name via a local branch office. However, using this approach will subject parent company to unlimited liability for losses incurred by the branch as the latter are not considered separate legal entities;

Every branch must appoint a resident legal representative to file annual returns with the Company Register.

The Hungary representative office (also known as K.i.)

In Hungary, an alternative solution is a representative office. This entity can be 100% foreign owned, but cannot pursue any commercial activities in the country;

This entity can only operate in i) promote the business of the parent company; ii) market research and iii) liaison activities.

Table of comparison between Hungary entities

LLC

JSC

Branch office

Rep office

Also known as:

Kft.

Rt.

Fa.

K.i.

How long to set the company up?

2 weeks

4 weeks

3 weeks

3 weeks

How long to open company bank account?

3 weeks

2 weeks

2 weeks

2 weeks

Enjoys limited liability in Hungary?

Yes

Yes

No

No

Minimum shareholders?

1

1

0

0

Authorities pre-approval needed to incorporate the company with a single shareholder?